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Ratings assigned and not accepted (as on 02 Sep 2026)

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Sl. No. Name of the Issuer Sector Security/Instrument Type Issue Size
(In INR Million) 		Date of Non-Acceptance Listing Status
(Listed/Proposed to be listed/Unlisted) 		Rating assigned along with Outlook
(if any) 		Whether the rating was accepted by the issuer, subsequent to the disclosure of un-accepted ratings?
(Yes/No) 		Date of subsequent acceptance of final rating assigned Final rating accepted by the issuer Whether the issuer requested for a review/appeal subsequent to disclosure of unaccepted rating?
(Yes/No) 		Whether review/appeal of the disclosed unaccepted rating was granted by ICRA.
(Yes/No) 		Remarks
(wherever applicable)
1 Shakti Nutritions Private Limited Agricultural Food & other Products Bank Facilities 2410 06 Nov 2025 Unlisted [ICRA]BBB-(Stable)/[ICRA]A3 No No
2 Shakti Apifoods Private Limited Agricultural Food & other Products Bank Facilities 1600 06 Nov 2025 Unlisted [ICRA]BBB-(Stable) No No
3 Purva Metal Sections Pvt Ltd Industrial Products Bank Facilities 800 30 Oct 2025 Unlisted [ICRA]BB+(Stable) No No
4 Shiva Ferric Pvt Ltd Metals & Minerals Trading Bank Facilities 800 30 Oct 2025 Unlisted [ICRA]BB+(Stable) No No
5 Findi India Limited Other Consumer Services Bank Facilities 500 30 Oct 2025 Unlisted [ICRA]BBB-(Stable) /[ICRA]A3 No No
6 STERLING GREEN POWER SOLUTIONS PRIVATE LIMITED Electrical Equipment Bank Facilities 750 30 Oct 2025 Unlisted [ICRA]BBB(Stable)/[ICRA]A3+ No No
7 Headsup B2B Private Limited Commercial Services & Supplies Issuer Rating 0 27 Oct 2025 Unlisted [ICRA]BB-(Stable) No No
8 Sri Ramraghav Mills Textiles & Apparels Bank Facilities 250 23 Oct 2025 Unlisted [ICRA]BB+(Stable) No No
9 Resonia Limited Power Issuer Rating 0 09 Oct 2025 Unlisted [ICRA]A+(Stable) Yes 05 May 2026 [ICRA]AA- (Stable) Yes Yes
10 RSB Transmissions (I) Ltd. Auto Components Issuer Rating 0 08 Oct 2025 Unlisted [ICRA]A-(Stable) No No
11 Purva Metal Sections Pvt Ltd Industrial Products Bank Facilities 800 03 Oct 2025 Unlisted [ICRA]BB(Stable) No Yes Yes
12 Shiva Ferric Pvt Ltd Metals & Minerals Trading Bank Facilities 800 03 Oct 2025 Unlisted [ICRA]BB(Stable) No Yes Yes
13 Wellness Forever Medicare Limited Retailing Bank Facilities 2300 03 Oct 2025 Unlisted [ICRA]BBB(Stable) No No
14 Mahaveer Surfactants Private Limited Chemicals & Petrochemicals Bank Facilities 310 03 Oct 2025 Unlisted [ICRA]BB(Stable) No No
15 Vel Castings Private Limited Industrial Products Bank Facilities 280 30 Sep 2025 Unlisted [ICRA]BB-(Stable) No No
16 Inbrew Beverages Private Limited Beverages Bank Facilities 4500 23 Sep 2025 Unlisted Provisional [ICRA]BB+(Stable) No No
17 M. R. Dairy Products Private Limited Food Products Bank Facilities 1000 23 Sep 2025 Unlisted [ICRA]BBB(Stable) /[ICRA]A3+ No No
18 Nuvama Wealth Finance Limited Finance Preference Shares 2000 19 Sep 2025 Unlisted [ICRA]A+ (Positive) No No
19 XOLOPAK INDIA LIMITED Paper, Forest & Jute Products Bank Facilities 750 18 Sep 2025 Unlisted [ICRA]BB (Stable) No No
20 Salvage Energy Solutions Private Limited Diversified Metals Non Convertible Debentures 400 16 Sep 2025 Proposed to be listed [ICRA]B+(Stable) No No
21 ICE STEEL 1 PRIVATE LIMITED Auto Components Bank Facilities 375 09 Sep 2025 Unlisted [ICRA]BB+ (Stable) No No
22 Pentagon Premises Private Limited Realty Bank Facilities 1000 08 Sep 2025 Unlisted [ICRA]BB- (Stable) Yes 11 Sep 2025 [ICRA]BB- (Stable) No

Disclaimers :

Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally, ICRA Ratings should not be treated as a recommendation to buy, sell, or hold the rated debt instruments. For ratings which were un-accepted by the Issuer prior to 1st February 2023, the status in column 9 to 14 is updated only if the respective event has occurred after 1st February 2023.

For ratings which are un-accepted by the Issuer on or after 1st February 2023, the status in column 9 to 14 is shown as on date of issue of this disclosure. The '*' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings.

Please visit our website (https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list (https://www.icra.in/Rating/Index) published on ICRA website for further information on rated instruments.